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Purchasing a home is one of the most significant financial decisions most people make in their lifetime. For most homebuyers, securing a mortgage is an integral part of this process. While it may seem straightforward, numerous legal intricacies are involved in buying a home with a mortgage.  
Let’s shed light on these complexities and ensure your home buying experience is smooth and legally sound.
Some Mortgage Basics
Before we dive into the complexities of the legal aspects of purchasing a home with a mortgage, it’s crucial to build a solid foundation by understanding the fundamentals of this financial arrangement.
Continue Reading A Lawyer’s Guide: Purchasing a Home with a Mortgage

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As we enter the autumn season and approach 2024, condominium associations across the United States are readying themselves for significant change in legislation that is likely to enhance corporate transparency and combat illegal activities, such as money laundering and various other illicit activities. This comprehensive law, the Corporate Transparency Act, or the “CTA” as it is commonly referred to, will have far-reaching implications for many kinds of business entities, particularly condominium associations. For legal guidance regarding how this new law will impact condominium associations, contact a lawyer to ensure you have the legal protection necessary to have a complete…
Continue Reading What to Know About the New Corporate Transparency Act 

We are pleased to invite you to our upcoming virtual Tressler Talk:HOA Board Basics – Annual Board Elections and Budget MeetingsThursday, October 5, 20232:00pm-3:00pm CT WebinarJoin Tressler’s experienced attorneys for this complimentary HOA board and property management training. This popular webinar is open to all, and attendees will come away with a deeper understanding of the annual board elections and budget meetings process. As always, our presenters will share engaging true stories to keep things fun (because “fun” is the first thing that comes to mind when thinking of HOAs and property management…right?) We’ve seen it all, and we’re here…
Continue Reading Tressler Talks: HOA Board Basics – Annual Board Elections And Budget Meetings

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Lands trusts are living trusts that give the beneficiary full or partial legal ownership over a property. The person who establishes the trust is the grantor and the owner of the property. A trustee manages the trust itself. 
This estate planning strategy allows individuals and business owners to protect their property. The entire estate planning process can be difficult, so it is always smart to consult an experienced attorney. They can ensure that your land trust is legally binding and can guide you into making the best informed decision for your unique circumstance. 
What Are the Advantages of a…
Continue Reading How Does a Land Trust Work?

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The legalization of marijuana in many states has raised concerns regarding the impact of marijuana smoke in shared places, particularly in condo buildings. For those experiencing such situations, you may be wondering what you can do if you feel bothered by the aroma of marijuana in your condominium building. Consider contacting an attorney experienced in condominium law, as they will likely be able to help assist you in navigating this tricky situation. 
Understanding Legal Restrictions

  • Review condo association laws – Start by reviewing the condo association’s bylaws and rules. These documents often address smoking policies and may provide

    • …
    Continue Reading What Can I Do About Marijuana Smoke in a Condo?

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    After a parent or relative passes away and property is inherited by more than one person, it is very common for the co-owners to disagree about what to do with the property. One adult sibling may want to keep a beloved family home, while another may see the matter more practically and wish to sell. 
    In cases like this, something known as a “partition action” may be brought before an Illinois court. If you are wondering whether a partition action may be helpful to you, speak with an Illinois real estate attorney with experience handling complex real estate…
    Continue Reading Can I Make My Sibling Sell Inherited Property?

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    You may be thinking about selling your condo because you want something bigger or you are moving out of the area; whatever your plans might be, it is important that you follow new changes to the condominium law so that you have a smooth transaction. As the seller, you will need to gather key documents, including the condominium’s rules and guidelines, which are known as the Declaration and by-laws, to share with the potential buyer. An Illinois attorney can help make sure that you adhere to Section 22.1, which went into effect at the beginning of this year.
    Understanding the…
    Continue Reading What Should I Know Before Selling My Condo in Illinois?

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    As a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.
    Naming a Guardian 
    In the tragic event that you do…
    Continue Reading Are You a New Parent? It Is Time to Craft an Estate Plan

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    North Chicago tenants may be wondering what happens if you break a standard lease agreement. The answer to this question depends on a number of factors, including the terms of the lease agreement, the laws of the state of Illinois, and the specific circumstances of your situation.
    In general, if you break a lease agreement, you are still liable for the rent payments that you would have owed had you not broken the lease. This is true even if the lease agreement has been modified.
    Is it Ever Okay to Break a Lease Agreement?
    The laws of the state…
    Continue Reading What Happens if You Break a Lease Agreement?

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    A condo association must occasionally change rules that are no longer working or introduce new rules to manage a new situation. It is normal and natural that the rules and procedures condo owners are subjected to may need to be updated from time to time. However, initiating those changes may be a process. A condo association cannot simply create new rules during a board meeting and have them take effect immediately. While it would likely be easier for condo associations to respond to changes and problems in the community if this were the case, requiring that certain steps be taken…
    Continue Reading What a Condo Association Should Know About Rule Changes

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    Selling a business is a complex process that involves numerous legal intricacies. While it may be tempting to handle the sale on your own to save money, consulting with a business law attorney is essential to ensure a smooth and successful transaction. Today, we will discuss the importance of hiring a business law attorney when selling your business and how their knowledge can protect your interests throughout the selling process.
    Comprehensive Knowledge of Business Law
    A business law attorney possesses specialized knowledge in the legal aspect of selling a business. They are well-versed in the relevant laws and regulations, ensuring…
    Continue Reading The Importance of Hiring a Business Law Attorney When Selling Your Small Business 

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    In 2008, the U.S. housing market “bubble” burst. Essentially, the housing market had become overinflated and then rapidly crashed. The bursting of the market’s bubble was caused by a host of significant factors, including the following:

    • The subprime mortgage crisis
    • Rapidly falling home prices
    • High levels of debt among homeowners
    • Inadequate regulation of the financial sector of the economy

    The housing market ultimately crashed because all of these factors dramatically impacted buyers, sellers, and developers all at once. When the market is affected by negative forces on a less intense – and perhaps less numerous – basis, a real estate…
    Continue Reading What Is a Real Estate Market Correction?

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    In recent months, much has been written about the state of commercial office space in the U.S., especially in large urban centers like Los Angeles, Washington D.C., and Chicago. Due to social and economic shifts that were accelerated dramatically by the Covid-19 pandemic, fewer businesses are operating in traditional office spaces. And while the prevalence of remote and hybrid work environments is being questioned by some, these arrangements are incredibly popular overall. As a result, commercial real estate investments in traditional office spaces are not what they once were.
    Is This Shift a Ticking Time Bomb?
    There is an increasing…
    Continue Reading Why the Risk of Commercial Real Estate Doom Loops Matters Now

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    If you have received a notice that your mortgage lender intends to foreclose your home or you anticipate this news because you are behind on your mortgage payments, you may be wondering if giving them a call and negotiating with them could be beneficial. While this approach may have been a viable strategy if you needed to miss a payment, if you are already behind on your mortgage, it is time to engage the services of a legal professional who can negotiate with your lender on your behalf. 
    The Stakes of Your Situation
    The primary reason why it is important…
    Continue Reading Should I Negotiate with My Lender Directly if They Want to Foreclose?

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    Dog lovers and those who would prefer not to have dogs around must often cooperate in communal living environments like condos. Most dog owners are unwilling to give up their pet, who they may view as a member of their family. However, there are limits to what a condo association must legally accept when it comes to pet ownership. Some condos are not pet-friendly at all and bar residents from owning a dog entirely. Others restrict the breed and size of dogs permitted to live on the property. However, there are a wealth of legal exceptions that may apply to…
    Continue Reading What You Need to Know About Dogs Restrictions and Condo Associations

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    Most Americans do not have the luxury of waiting to sell or purchase a home when the real estate market is ideal. A growing family, employment opportunities in a new area, or a significant change in circumstances may warrant a move regardless of whether market conditions are what one would wish. Current aspiring homebuyers, for example, may need to make a purchase even though interest rates are particularly high and inventory is low in many areas. Thankfully, if it is time to commit to buying a new residence, there are safeguards that can be put into place to better protect…
    Continue Reading Wait or Commit? Buying a Home While Interest Rates Are High